Equifax Inc. has launched a program to help improve credit literacy among Latino consumers. Equifax’ Personal Solutions unit will educate the Latino community on the importance of credit.
The program will include educational resources, products and tools to make sound decisions, including a website on Spanish-language credit literacy. The site will feature educational materials on a broad range of credit-related topics, and will employ extensive use of video content. Included on the site will be a new credit monitoring subscription product, two credit reporting products and three Spanish-language products designed to meet the unique needs and preferences of the Latino consumer, according to an Equifax announcement.
As part of the program Equifax has teamed up with Julie Stav, a financial advisor and media personality in the Latino community. Stav reaches millions of Latino consumers each month through her nationally syndicated radio show, Tu Dinero con Julie Stav, as well as other media platforms.
According to the Selig Center for Economic Growth, Latino buying power in the U.S. is estimated to be $1.2 trillion in 2012 and is projected to increase to $1.5 trillion in 2015. Yet, as noted by Lautaro Diaz of the National Council of La Raza, 35% of Latinos reported that they did not have a bank account.
In addition, where mainstream financial providers fail to meet the needs of the Latino community, fringe financial providers and abusive lenders fill the void. The result is that Latinos often pay too much for check-cashing, remittances, auto loans, home loans, and other financial services and products. Consequently, the Latino community is in particular need of increased consumer literacy.